The Consumer Choice Center’s Fred Roeder and Maria Chaplia report on a recent event that looked at why the EU must safeguard intellectual property rights to prepare for future pandemics.
COVID-19 took its toll on millions of people and even more are suffering from the economic consequences of the pandemic. Instead of increasing our pandemic preparedness, we are seeing more and more populist calls, both at EU and Member State level, for the erosion of intellectual property (IP) rights, jeopardising the future of innovation. COVID-19 is likely only the first of many public health crises we will encounter in the next decades, and we need to keep innovators incentivised and provide them with legislative certainty. The EU has to commit to the protection of IP rights and champion it not just at home, but globally through EU trade policy.
Policies enacted during the pandemic have predominantly come as kneejerk reactions to issues on the ground, rather than well thought out plans. As we have witnessed in the case of lockdowns and trade restrictions, acting fast without considering long-term costs can be devastating. At a global level, that also involves continuous calls for the extension of the TRIPS waiver, a clause that would allow World Trade Organization members to lift protections on certain intellectual property rights.
Rushing such decisions could imperil entire generations. Safeguarding IP rights is our only chance to make it possible for patients who will one day be diagnosed with incurable diseases, such as Alzheimer’s, Cystic Fibrosis, Diabetes, or HIV/AIDS, to ever be cured.
“There are simply not enough doses of vaccines, and the vision of the EU future should be not only green and digital, but also resilient,” Franc Bogovič MEP (SI, EPP)
European policymakers should put their pursuit of short-term approval from the voters aside and reconsider the role of intellectual property rights in preventing future pandemics and, overall, what could have been done better. This was one of the key questions of an online discussion between Franc Bogovic MEP and James Tumbridge, Common Councilman of the City of London, that we at the Consumer Choice Center hosted on 19 February.